Standard & Poor's upgrades San Antonio-based Frost Bank's rating

CORPUS CHRISTI - A track record of stable and consistent earnings is among the reasons Standard & Poor's raised its long-term rating on Frost Bank to the institution's highest, according to the rating agency.

Frost Bank now has an A+ rating, which makes the San Antonio-based financial institution one of the highest-rated banks in the country, according to a company news release.

"We are grateful to our Frost customers and employees for making the A+ rating possible," said Cullen/Frost Bankers Chairman and CEO Dick Evans. "The A+ rating is a validation of our culture, our people and our way of doing business."

Standard & Poor's referred to Frost's strong and conservative lending standards during the recent recession. The rating agency also called Cullen/Frost's profitability and asset quality superior to its peers, which they said offers added protection in tough economic conditions.

Cullen/Frost Bankers Inc. had $19.5 billion in assets as of Sept. 30, with more than 110 financial centers across Texas.